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this post was submitted on 22 Nov 2024
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Exactly. The combination of "bank" and "startup" is innately terrifying. Don't put more money than you can afford to lose in a place like that.
(Aren't there any laws in the US regarding who can call themselves a bank? Or is this another case of Americans being unwilling to do something sane and obvious because some politician has convinced them it will infringe on their "freedom"?)
Yes and no. Banks are strictly regulated. But that's why companies like Paypal continually remind people that they are not a bank, so they can escape that regulation.